Forestry Permit Approval - Ariana Resources
Metal Tiger Plc
("Metal Tiger" or the "Company")
Forestry Permit Approval - Ariana Resources
Metal Tiger (LON: MTR), the natural resources investing company is pleased to note the announcement today by Ariana Resources plc ("Ariana") (LON:AAU) confirming Forestry Permit Approval has now been received for Ariana's Red Rabbit Gold Project.
Metal Tiger recognises the significance of this news enabling Ariana Resources to proceed to gold mine construction and gold production. The news is of pivotal importance to shareholders in Ariana Resources and that includes Metal Tiger with its 19.45million shares held in Ariana (2.95% of Ariana's issued share capital).
An extract of the Ariana announcement is provided below. The full text can be found at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12374717.html
Extract of the Ariana Announcement:
FORESTRY PERMIT APPROVAL RECEIVED
Ariana Resources plc ("Ariana" or "the Company"), the Anglo-Turkish gold exploration and development company focused on Turkey, is pleased to announce that it has received confirmation, through its Joint Venture company, Zenit Madencilik San. ve Tic. A.S. ("Zenit"), that the Prime Ministry in Turkey has formally approved its application to the Department of Forestry and Water Affairs ("DFWA") for the Red Rabbit Gold Project ("Red Rabbit") in west Turkey, and that the DFWA has approved the permits subject to the payment of statutory fees.
• Initiation of Kiziltepe mine construction phase at Red Rabbit to follow the issue of forestry permits by DFWA.
• DFWA has confirmed the approval of the permit application, subject to the payment of statutory forestry fees by Zenit within the next three months.
• US$33 million construction finance facility already secured with Turkiye Finans Katilim Bankasi A.S.
• Construction timeline to be announced in due course to specify targeted production timescales.
• Production targeting 21,000 oz gold equivalent per annum in the first five years of the eight year life of mine at Kiziltepe with extension anticipated.
Dr. Kerim Sener, Managing Director, commented:
"This is a significant milestone for Ariana, moving us a step closer to becoming a gold producer. This critical permit approval has been a long time coming but through perseverance and good-faith we have obtained the result we sought and expected. As a result, the construction phase of our Kiziltepe Mine is now just around the corner. I would like to take this opportunity to congratulate our partners, Proccea Construction, for the successful conclusion of this process, the diligence and patience of the JV team, and to thank our shareholders for their support during the past year. Proccea are in the process of compiling a revised construction timeline for our Kiziltepe mine, and I look forward to being able to provide clear guidance to gold production in the coming weeks."
Deniz Aybars, Managing Director, Proccea Construction, commented:
"We are delighted that we can now press on with the development of the Kiziltepe mine, and deliver on our joint objective to become the next Turkish gold mining company. We see significant opportunities for growth in this sector in the years ahead and we value the partnership that we have established with Ariana Resources. This partnership provides the foundations of a unique turn-key approach to the discovery and development of gold projects throughout the region."
For further information on the Company, visit: www.metaltigerplc.com:
Cameron Parry (CEO)
Tel: +44 (0)207 099 0738
Paul Johnson (Executive Director)
Tel: +44 (0)7766 465 617
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Equities and Direct Projects.
The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants providing a potential non-debt financing instrument and enhanced return potential.
The Direct Projects division invests in operational mineral exploration projects with current investments in Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and Uranium. The Direct Projects investment division also has working collaborations to identify new investment opportunities in Russia (platinum focus) and Turkey (gold focus), in association with experienced in-country partners.
Metal Tiger's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.
This information is provided by RNS